Understanding property appreciation in Burlington

Real estate prices are continually changing. For the most part, property values appreciate in the long term. But there are no "sure things" in real estate.

When your house appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell. Property values in Burlington shift for numerous reasons, so how do you know what you're purchasing this year won't depreciate the day after you close? Choosing an agent in Burlington who can identify the factors that drive local prices is the most important aspect.

What is the most influential factor impacting real estate appreciation? Many assume that it's the economy. Obviously, there are quite a few factors on a national level that affect your house's value: unemployment, mortgage rates, inflation, and more. But the most significant factors that figure your property's value are specific to the local Burlington economy and housing market.

Let David Massey Real Estate help you with your first home purchase in Burlington Location in a community - Many of us decide to live in districts with the most useful components for homes to shine, like a close proximity to schools and work. So these regions typically appreciate, or hold their value consistently, year to year.

The latest home sales - You should receive reports on the recent real estate sales in the areas that you're asking about from your agent. You'll need to know figures like time on market and asking price as opposed to selling price.

The appreciation history - Is the area thought to be desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?

Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of job types in an area, or does it rely upon just one industry? All these play a part.

It's worthwhile to know the factors that play into your house's price. Get an estimation of your home's value here. Please call me at (336) 226-9374 or e-mail me with any questions.

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